The global green and bio solvent market is growing at CAGR of 8% during 2022-2030. One of the major concerns of the government across the globe is to control the rising level of pollution and also to keep a check on the over usage of non- renewable resources such as fossil fuels. to avoid these hazardous outcome governments from all around the world are formulating strict regulations to keep a check on the usage of these hazardous chemicals and this in turn is driving the green and bio solvent industry. Green solvents can act as a lesser toxic alternative to the chemical solvents.
The applications of solvents can be categorized into seven main markets, namely paints and coatings market, industrial & domestic cleaners, printing inks market, pharmaceuticals market cosmetics market, personal care market and others market. The market is currently dominated by paints and coatings market contributing to 30% of the total market share in 2021. However, the future of bio solvent market is driven by the increasing consumption of cosmetics and personal care market.
The global demand for solvents used in paints and coatings industry is expected to reach USD 18 million by the end of 2021. The paints and coatings application is the largest market for bio solvents in terms of volume demanded contributing to almost 30% of the total market share in 2021. The demand for solvents is estimated to increase, owing to the spurt in construction activities in the developing economies.
Bio alcohols are organic chemicals that are sustainable in nature owing vital physiological properties from the fermentation of sugar or cellulose. in the world, it is the most widely used alternative transport fuel. The bio-alcohol market is growing owing to rise in crude oil prices and increase in scarcity of raw materials. Bio-Alcohol based solvent dominates the bio- solvents market in terms of revenue generation and volume demand. It contributes to 35% of the total market share in 2021. Moreover, Bio alcohol is also the fastest growing segment growing at 8.6% CAGR during 2022-2030.
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Asia Pacific is anticipated to be the fastest growing market in the green solvent and bio solvent market. This region is anticipated to grow at CAGR of 8.7% during 2022-2030. Rising consumption level of green and bio solvent market of end-use industries particularly in emerging economies of India, China and Japan is anticipated to be the key driving factor for the regional market. Whereas Paint & Coating market is the key driver which is expected to get successful in Asia Pacific region.
A large number of companies having international presence have already captured market space in the solvents industry. The entry barrier is high in this sector with stringent government regulations due to the toxic effect of solvents on the atmosphere. Strict measures to control emissions have to be undertaken. Production of solvents is also a capital-intensive process, and economies of scale must be achieved to thrive in this highly competitive market space. This is a major detriment to entry in this market. Key companies in this market include Dow Chemicals, Exxon Mobil, BASF and others.
KEY MARKET MOVEMENTS
- The global green and bio solvent market is growing at CAGR of 8% during 2022-2030.
- The market is currently dominated by paints and coatings market contributing to 30% of the total market share in 2021.
- The global demand for solvents used in paints and coatings industry is expected to reach USD 18 million by the end of 2021.
- The paints and coatings application is the largest market for bio solvents in terms of volume demanded contributing to almost 30% of the total market share in 2021.
- Bio alcohol is also the fastest growing segment growing at 8.6% CAGR during 2022-2030.
- Asia Pacific is anticipated to be the fastest growing market in the green solvent and bio solvent market.
- This region is anticipated to grow at CAGR of 8.7% during 2022-2030.
- A large number of companies having international presence have already captured market space in the solvents industry.
- Key companies in this market include Dow Chemicals, Exxon Mobil, BASF and others.
